Spalding Academy 10th Econ 2012
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | absolute advantage
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| The worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output | show 🗑
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| show | Economic system
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| Sorting the production process into separate tasks to be carried out by separate workers | show 🗑
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| show | Productions Possibilities Frontier (PPF)
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| show | Efficiency
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| Occurs when individual workers focus on single tasks, enabling each one to be more efficient and productive | show 🗑
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| You've moved to a country w/ a pure centrally planned econ. You've taken a job as a restaurant cook. Identify/explain several reasons why you might be less conscientious in your work than you would be if you held a similar job in a pure market economy. | show 🗑
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| show | Mixed economy
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| Economic system shaped largely by religion or custom | show 🗑
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| show | Transition economy
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| show | Law of Increasing Opportunity Cost
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| Describes the US economic system, where markets play a relatively large role | show 🗑
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| show | Answers may vary
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| Anything that everyone is willing to accept in exchange for goods and services | show 🗑
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| An expansion in the economy’s production possibilities or ability to produce | show 🗑
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| An economic system with no government involvement so private firms account for all production | show 🗑
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| An economic system in which all resources are gov’t-owned and production is coordinated by the central plans of gov’t | show 🗑
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| show | Barter
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
rejoyce431
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